Single-Story Warehouse with
For Sale
$399,000
528 E Broadway, Alton, IL 62002
Commercial Sale, Alton, IL
Property Size4,037 SF
Lot Size0.16 Acres
Price / SF$98.84
Days on Market31
Property Features for 528 E Broadway
General Information
Property type
Commercial Sale
Property subtype
Other
Subdivision
Alton City Proper
Standard status
Active
APN
23-2-07-14-08-203-008
Lot size
0.16 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
1541
Utilities
Heating system
Forced Air
Cooling system
Central Air
Water source
Public
Building Details
Building materials
Brick
Listing Agency:
RE/MAX Alliance · RE/MAX International
(618) 466-7100
Listed By:
Lisa Funk · License #471000228
(618) 975-6043
Added: Jul 26
Changed: Aug 24
Last Checked: Aug 25 at 12:06PM
MLS# 26019022
Copyright © 2026 Mid America Regional Information Systems, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This single-story warehouse contains 4,037 square feet within a 60 x 113 lot. The brick building has central air, forced-air heating, public water, and a newly installed insulated TPO roof. An enclosed rear courtyard adds approximately 5,000 ft of outdoor area.
The property is located at 528 E Broadway in Alton, across from event activity along the Alton Riverfront. A setback from Broadway separates the building from the street, while the frontage area provides additional outdoor space that could support parking, patio use, or a garden center. The property is within the Alton TIF District.
The property is located at 528 E Broadway in Alton, across from event activity along the Alton Riverfront. A setback from Broadway separates the building from the street, while the frontage area provides additional outdoor space that could support parking, patio use, or a garden center. The property is within the Alton TIF District.
Key Highlights
- 4,037‑square‑foot single‑story warehouse on a 60 x 113 lot
- New insulated TPO roof
- Enclosed 5,000 ft exposed courtyard at the rear
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$20,254
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.08%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$405,080
$405.1K
Cap Rate 7%
$289,343
$289.3K
Cap Rate 9%
$225,044
$225.0K
Market Conditions
NOI Build-Up for 4,037 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$24.5K $6.06/SF
− Vacancy
−$636 −$0.16/SF
EGI
$23.8K $5.90/SF
− OpEx
−$3.6K −$0.89/SF
NOI
$20.3K $5.02/SF
Area
Madison County, IL
Vacancy
2.60%
Lease Rate
$6.06 /SF/Yr
Expense Ratio
15.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$405,080
Cap Rate 7%
$289,343
Cap Rate 9%
$225,044
Alternative Uses
Best Use
Warehouse
$289.3K
$253.2K – $337.6K
NOI $20,254 @ 7.0% cap · market cap 5.08%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.10M
$962.8K – $1.28M
NOI $77,026 @ 7.0% cap · market cap 19.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
874
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 62002, IL
30,176
Population
14,832
Households
2
Avg Household Size
41
Median Age
24%
College-Educated
92%
High-School Grad
41.3 sq mi
ZIP Area
731
Density / Sq Mi
$57,851
Median Household Income
$38,120
Median Earnings
$941
Median Rent
$114,300
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Hanover Associates Storage — 1439 Pearl St, Alton, IL 62002
Frequently Asked Questions
What type of property is this?
Warehouse - Brick warehouse with a new insulated TPO roof and enclosed rear courtyard.
Where is this warehouse located?
The property is located at 528 E Broadway Alton, IL.
What is the asking price?
The asking price for this property is $399,000.
What are key features of this property?
This property features: 4,037‑square‑foot single‑story warehouse on a 60 x 113 lot; New insulated TPO roof; Enclosed 5,000 ft exposed courtyard at the rear
